Coffee Futures Market News and Commentary
Sep arabica coffee (KCU20) on Thursday closed down -0.80 (-0.77%). Sep ICE Robusta coffee (DFU0) closed down -1 (-0.17%).
Coffee prices on Thursday closed lower on concern that the worsening pandemic will keep lockdowns in place for longer, undercutting coffee demand from restaurants and cafes. The U.S on Wednesday reported that new virus infections climbed by a record 51,374, up +1.95% from Tuesday. Confirmed cases of the virus have risen above 10.834 million globally, with deaths exceeding 519,000.
Robusta coffee recovered from its worst levels Thursday on tighter supplies after ICE-monitored robusta coffee inventories on Thursday fell to a 14-1/2 month low.
On Wednesday, arabica coffee climbed to a 1-month high and robusta coffee to a 2-week high on signs of smaller global coffee supplies. The International Coffee Organization (ICO) on Wednesday reported that global Oct-Jun coffee exports fell -4.7% y/y to 83.8 mln bags.
Brazilian weather concerns are... Read more